Professor Tony Key

Professor of Real Estate Economics

Cass Business School, Faculty of Finance

Contact

Visit Tony Key

Room BR5012, Bunhill Row

Postal address

Cass Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Joined the Cass Business School as Professor of Real Estate Economics in January 2003. He had been since 1988 Director of Research at Investment Property Databank, undertaking the development real estate research and information services including a forecasts, market analysis, tenant risk assessment. He produced many commissioned reports and conference papers on issues such as property cycles and investor performance. He also led the introduction of new real estate index and benchmarking services in Scandinavia and Canada. Through the 1970s and 1980s, Tony worked on urban and regional development projects in government, at the Centre for Environmental Studies, and was a Partner of Property Market Analysis.

Memberships of professional organisations

  1. Member, Investment Property Forum, Jan 2000 – present
  2. Member, Society of Property Researchers, Oct 1998 – present

Awards

  1. The Royal Institution of Chartered Surveyors (2012) FRICS - Eminent Fellow
    FRICS - Eminent Fellow in recognition of contributions to property research and education
  2. Society of Property Researchers (2010) Honorary Fellowship
    Honorary Fellowship in recognition of an outstanding contribution to the filed of property research.

Expertise

Primary topics

  • Real Estate
  • Real Estate Economics
  • Real Estate Finance

Research

Director of Research Centre for Real Estate Finance.

Research students

Alexei Akimov

Attendance: Sep 2008 – Sep 2011, full-time

Thesis title: Real estate investment in emerging economies

Role: 2nd Supervisor

W Anim-Odame

Attendance: Oct 2005 – Feb 2009, full-time

Thesis title: Residential Investment in Emerging Economies: the case of Ghana

Role: 1st Supervisor

Publications

Chapters (4)

  1. Key, T. (2009). The Future of Real Estate Education. In Newell, G. and Sieracki, K. (Eds.), Global Trends in Real Estate Finance (pp. 262–278). London: WileyBlackwell. ISBN 978-1-4051-5128-3.
  2. Nabarro, R. and Key, T. (2005). Performance measurement and real estate lending risk. In Settlements, B.F.I. (Ed.), Real estate indicators and financial stability (pp. 70–90).
  3. Key, T. and Nabarro, R. (1992). Current Trends in Commercial Property Investment and Development. In Healey, P. and Davoudi, J. (Eds.), Rebuilding the City - Property Led Urban Regeneration London: E & F Spon.
  4. Key, T., Wright, C. and Espinet, M. (1990). Prospects for the Property Industry. In Healey, P. and Nabarro, R. (Eds.), Land and property development in a changing context London: Gower.

Conference papers and proceedings (33)

  1. Key, T. and Clacy Jones, M. (2010). Debt Structures: what went wrong? IPD RealWorld Conference Cambridge, UK.
  2. Key, T. (2010). Forecasting European Markets. IPD / IPE European Property Congress Amsterdam, Netherlands.
  3. Key, T. (2010). Leverage and real estate investment. KTI / IPD Nordic Property Conference Stockholm, Sweden.
  4. Key, T. and Lizieri, C. (2010). Regional Economies and Commercial Real Estate in the UK: exploring the linkages. European Real Estate Society Conference Milan, Italy.
  5. Key, T. (2010). The financialisation of real estate: a short history. IPD RealWorld Conference Cambridge, UK.
  6. Hunt, M., Tony, K., Lee, S. and Key, T. (2009). UK Real Estate Fund Performance: An Overview. European Real Estate Society Stockholm, Sweden.
  7. Key, T. (2009). A change in the character of the property cycle? IPD / IPF Property Investment Conference Brighton, UK.
  8. Key, T. (2009). Capital and growth: major cycles and global indices. IPD SAPOA Annual Conference Cape Town, South Africa.
  9. Key, T. (2009). European Market Prospects. Investment Pensions Europe Real Estate Forum Amsterdam, Netherlands.
  10. Key, T. (2009). Real estate and the economy - lessons from global indices. KTI IPD Nordic Property Conference Helsinki, Finland.
  11. Key, T. (2009). Real Estate Leverage and Risk: International Evidence in. NOMISMA Real Estate Conference Rome, Italy.
  12. Key, T. and Wiak, A. (2009). Tenants, Leases and Income. IPD RealWorld Conference London, UK.
  13. Key, T., Anim Odame, W. and Stevenson, S. (2009). The performance of residential investment in in Ghana: A comparison across asset classes. European Real Estate Society Conference Stockholm, Sweden.
  14. Anim Odame, W., Key, T. and Stevenson, S. (2008). Real estate market development in Sub-Saharan Africa. African Real Estate Society Conference Johannesbury.
  15. Anim Odame, W., Key, T. and Stevenson, S. (2008). Residential investment and market dynamics: evidence from Ghana. American Real Estate Society Conference Florida.
  16. Key, T. (2008). Styles for Real Estate Funds. IPD Sapoa South African Investment Conference Cape Town.
  17. Key, T. (2008). Waves and Downwaves in the European Property Cycle. IPD European Investment Conference Berline.
  18. Key, T., Anim Odame, W. and Stevenson, S. (2007). Measures of Real Estate Values from Land Registration and Valuation Systems in Emerging Economies: the case of Ghana. European Real Estate Society Conference London.
  19. Key, T. (2007). Pricing Property Derivatives. Property Derivatives Interest Group London.
  20. Key, T., Callender, M., Devaney, S. and Sheahan, A. (2007). Risk Reduction and Diversification in UK Commercial Property Portfolios. European Real Estate Society Conference London.
  21. Key, T. (2007). Space and Place Futures. Financial Times UK Commercial Property Conference London.
  22. Key, T. (2007). The London Office Market. Estates Gazette London Development Summit.
  23. Key, T. (2007). The New Real Estate Capital Markets and their Impacts on Performance. KTI-IPD Nordic Property Conference Helsinki.
  24. Key, T. and Marcato, G. (2006). UK Index Smoothing. IPD-IPF UK Property Investment Confernce Brighton, UK.
  25. Key, T. and Marcato, G. (2005). Momentum Strategies for Long Memory Processes. European Real Estate Society Dublin.
  26. Key, T. (2005). So what does ten years tell us? SAPOA / IPD Annual Conference Johannesburg.
  27. Key, T. (2004). European Property Markets. PIR National Investor Conference Brisbane.
  28. Key, T. (2004). Liquidity in Commercial Property Markets: the Analysis of Transactions Evidence. Investment Property Forum, 2004.
  29. Key, T. (2004). Matching Business & Property Cycles. OPD Conference London.
  30. Key, T. and Nabarro, R. (2004). Performance Measurement and Real Estate Lending Risk. IMF / BIS Real Estate Indicators and Financial Stability Conference Washington DC.
  31. Key, T. (2004). The Property Market & Lending Risk. Council of Mortgage Lenders.
  32. Matysiak, G., Lizieri, C. and Key, T. (2004). Transactions activity, liquidity and market behaviour in UK commercial property. European Real Estate Society Milan.
  33. Key, A. (2003). Valuation Accuracy: reconciling the timing of the valuation and sale. European Real Estate Society Conference Helsinki.

Journal articles (8)

  1. Anim-Odame, W.K., Key, T. and Stevenson, S. (2010). Residential market development in sub-Saharan Africa. International Journal of Housing Markets and Analysis, 3(4), pp. 308–326. doi:10.1108/17538271011080637.
  2. Reed, R., Anim-Odame, W.K., Key, T. and Stevenson, S. (2010). The Ghanaian transaction-based residential indices. International Journal of Housing Markets and Analysis, 3(3), pp. 216–232. doi:10.1108/17538271011063889.
  3. Anim Odame, W.K., Key, T. and Stevenson, S. (2009). Measures of Real Estate Values from Land Registration and Valuation Systems in Emerging Economies: the case of Ghana. Journal of Real Estate Literature, 17(1), pp. 63–84.
  4. Anim Odame, W.T., Key, T. and Stevenson, S. (2009). Residential Real Estate Market. Journal of African Real Estate Research.
  5. Callender, M., Devaney, S., Sheahan, A. and Key, T. (2007). Risk reduction and diversification in UK commercial property portfolios. Journal of Property Research, 24(4), pp. 355–375. doi:10.1080/09599910801916279.
  6. Key, T. and Marcato, T. (2007). Smoothing and Its Implication for Asset Allocation Choices. The Journal of Portfolio Management: the journal for investment professionals, 33(5), pp. 89–99. doi:10.3905/jpm.2007.698909.
  7. Marcato, G. and Key, T. (2005). Direct Investment in Real Estate. Journal of Portfolio Management, 31(5), pp. 59–69. doi:10.3905/jpm.2005.593888.
  8. Adair, A., Berry, J., Deddis, B., McGreal, S., Keogh, G. and Key, T. (1998). Barriers to data sharing in the surveying profession: implications for the commercial property market. Journal of Property Research, 15(4), pp. 331–346. doi:10.1080/095999198368329.

Reports (7)

  1. Blake, D., Harrison, D. and Key, T. (2013). Returning to the Core - Rediscovering a Role for Real Estate in Defined Contribution Pension Schemes. London: Pensions Institute; Cass Business School.
  2. Parkinson, M., Ball, M., Blake, N. and Key, T. (2009). The Credit Crunch and Regeneration: Impact and Implications. An independent report to the Department for Communities and Local Government. London: Department of Communities and Local Government.
  3. Lee, S. and Key, T. (2008). Real Estate Fund Styles..
  4. Key, T. and Marcato, G. (2007). Index Smoothing and the Volatility of UK Commercial Property. Investment Property Forum.
  5. Key, T. and Law, V. (2005). The Size and Structure of the UK Property Market. The Investment Property Forum (IPF).
  6. Key, T. and Zarkesh, F. (1999). The UK Property Cycle - a History from 1921 to 1997: An Analysis of Property Cycles in the United Kingdom from 1921 to 1997. Royal Institution of Chartered Surveyors (RICS). ISBN 978-0-85406-895-1.
  7. Key, T., Zarkesh, F. and Nanthakumaran, N. (1994). Economic Cycles and Property Cycles. Royal Institution of Chartered Surveyors (RICS).

Professional activities

Consultancy (4)

  1. Investment Property Databank (Private Sector) (Dec 2008 – present)
  2. Dorrington plc (Private Sector) (Jun 2006 – present)
  3. Protego Real Estate Investors (Private Sector) (Jun 2004 – present)
  4. Capital Economics (Private Sector) (Jan 2003 – present)

Editorial activity (2)

  1. Journal of Property Finance & Investment, Member of Editorial Board, 2002 – present.
  2. Journal of Property Research, Member of Editorial Board, 2001 – present.

Events/conferences (46)

  1. Aberdeen Asset Managers Real Estate Academy. (Workshop) London (2015). Invited speaker.
    Paper: Debt - what is it good for?
    Author: Key T
  2. African Real Estate Society Conference. (Conference) Kumasi, Ghana (2015).
    Paper: Appraisals, leverage and risk
    Author: Key T
  3. RICS / SPR Cutting Edge Conference. (Conference) London, UK (2012). Invited speaker.
    Paper: Why leverage without timing does not work
    Author: Key T
  4. IPD European Conference. (Conference) Frankfurt, Germany (2011). Invited speaker.
    Paper: IPD German Residential Investment Conference
    Author: Key T
    Co-authors: Residential Investment Performance
  5. IPD European Conference. (Conference) Amsterdam, Netherlands (2011). Invited speaker.
    Paper: Direct v Listed Property: International Performance
    Author: Key T
  6. Middle East and North Africa Real Estate Society Conference. (Conference) Dubai, UAE (2010). Invited speaker.
    Paper: Lending - what went wrong
    Author: Key T
  7. KTI / IPD Nordic Property Conference. (Conference) Stockholm, Sweden (2010). Invited speaker.
    Paper: Leverage and real estate investment
    Author: Key T
  8. IPD / IPE European Property Congress. (Conference) Amsterdam, Netherlands (2010). Invited speaker.
    Paper: Forecasting European Markets
    Author: Key T
  9. IPD RealWorld Conference. (Conference) Cambridge, UK (2010). Invited speaker.
    Paper: Debt Structures: what went wrong?
    Author: Key T
    Co-authors: Clacy-Jones, M
  10. IPD RealWorld Conference. (Conference) Cambridge, UK (2010). Invited speaker.
    Paper: The financialisation of real estate: a short history
    Author: Key T
  11. European Real Estate Society Conference. (Conference) Milan, Italy (2010). Invited speaker.
    Paper: Regional Economies and Commercial Real Estate in the UK: exploring the linkages
    Author: Key T
    Co-authors: Lizieri, C
  12. European Real Estate Society. (Conference) Stockholm (2009). Organising Committee.
  13. NOMISMA Real Estate Conference. (Conference) Rome, Italy (2009). Invited speaker.
    Paper: Real Estate Leverage and Risk: International Evidence in
    Author: Key T
  14. KTI IPD Nordic Property Conference. (Conference) Helsinki, Finland (2009). Invited speaker.
    Paper: Real estate and the economy - lessons from global indices
    Author: Key T
  15. IPD / IPF Property Investment Conference. (Conference) Brighton, UK (2009). Invited speaker.
    Paper: A change in the character of the property cycle?
    Author: Key T
  16. IPD SAPOA Annual Conference. (Conference) Cape Town, South Africa (2009). Invited speaker.
    Paper: Capital and growth: major cycles and global indices
    Author: Key T
  17. IPD RealWorld Conference. (Conference) London, UK (2009). Invited speaker.
    Paper: Tenants, Leases and Income
    Author: Key T
    Co-authors: Wiak, A
  18. Investment Pensions Europe Real Estate Forum. (Conference) Amsterdam, Netherlands (2009). Invited speaker.
    Paper: European Market Prospects
    Author: Key T
  19. European Real Estate Society Conference. (Conference) Stockholm, Sweden (2009).
    Paper: UK Real Estate Fund Performance: an Overview
    Author: Key T
    Co-authors: Hunt M, Lee S
  20. European Real Estate Society Conference. (Conference) Stockholm, Sweden (2009).
    Paper: The performance of residential investment in in Ghana: A comparison across asset classes
    Author: Key T
    Co-authors: Anim-Odame W, Stevenson S
  21. IPD European Investment Conference. (Conference) Berline (2008).
    Paper: Waves and Downwaves in the European Property Cycle
    Author: Key T
  22. American Real Estate Society Conference. (Conference) Florida (2008).
    Paper: Residential investment and market dynamics: evidence from Ghana
    Author: Anim-Odame W
    Co-authors: Key T and Stevenson S
  23. African Real Estate Society Conference. (Conference) Johannesbury (2008).
    Paper: Real estate market development in Sub-Saharan Africa
    Author: Anim-Odame W
    Co-authors: Key T and Stevenson S
  24. IPD Sapoa South African Investment Conference. (Conference) Cape Town (2008). Invited speaker.
    Paper: Styles for Real Estate Funds
    Author: Key T
  25. Real World Conference, Oxford. (Conference) Oxford (2007). Chair.
  26. European Real Estate Society Conference. (Conference) London (2007). Organising Committee.
  27. Property Derivatives Interest Group. (Seminar) London (2007). Invited speaker.
    Paper: Pricing Property Derivatives
    Author: Key T
  28. European Real Estate Society Conference. (Seminar) London (2007).
    Paper: Measures of Real Estate Values from Land Registration and Valuation Systems in Emerging Economies: the case of Ghana
    Author: Key T
    Co-authors: Anim-Odame W, Stevenson S
  29. KTI-IPD Nordic Property Conference. (Conference) Helsinki (2007). Invited speaker.
    Paper: The New Real Estate Capital Markets and their Impacts on Performance
    Author: Key T
  30. Financial Times UK Commercial Property Conference. (Conference) London (2007). Invited speaker.
    Paper: Space and Place Futures
    Author: Key T
  31. European Real Estate Society Conference. (Conference) London (2007).
    Paper: Risk Reduction and Diversification in UK Commercial Property Portfolios
    Author: Key T
    Co-authors: Callender M, Devaney S, Sheahan A
  32. Estates Gazette London Development Summit. (Conference) (2007). Invited speaker.
    Paper: The London Office Market
    Author: Key T
  33. IPD-IPF UK Property Investment Confernce. (Conference) UK Index Smoothing (2006). Invited speaker.
    Paper: UK Index Smoothing
    Author: Key T
    Co-authors: Marcato G
  34. American Real Estate Society. (Conference) Key T (2006).
    Paper: Smoothing and Its Implication for Asset Allocation Choices
    Author: Key T
    Co-authors: Marcato T
  35. SAPOA / IPD Annual Conference. (Conference) Johannesburg (2005). Invited speaker.
    Paper: So what does ten years tell us?
    Author: Key T
  36. European Real Estate Society. (Conference) Dublin (2005).
    Paper: Momentum Strategies for Long Memory Processes
    Author: Key T
    Co-authors: Marcato G
  37. IMF / BIS Real Estate Indicators and Financial Stability Conference. (Seminar) Washington DC (2004). Invited speaker.
    Paper: Performance Measurement and Real Estate Lending Risk
    Author: Key T
    Co-authors: Nabarro R
  38. PIR National Investor Conference. (Conference) Brisbane (2004). Invited speaker.
    Paper: European Property Markets
    Author: Key T
  39. OPD Conference. London (2004).
    Paper: Matching Business & Property Cycles
  40. Investment Property Forum. (2004).
    Paper: Liquidity in Commercial Property Markets: the Analysis of Transactions Evidence
  41. European Real Estate Society. Milan (2004).
    Paper: Transactions activity, liquidity and market behaviour in UK commercial property
    Co-authors: George Matysiak & Colin Lizieri
  42. Council of Mortgage Lenders. (2004).
    Paper: The Property Market & Lending Risk
  43. Investment Property Databank European Strategies Conference. Wiesbaden (2003).
    Paper: Banking on property: A European overview
  44. European Real Estate Society Conference. Helsinki (2003).
    Paper: Rule-based investment strategies in property portfolios
  45. European Real Estate Society Conference. Helsinki (2003).
    Paper: Cycles in Office Returns: Stockholm as case study & international comparisons
  46. European Real Estate Society Conference. Helsinki (2003).
    Paper: Valuation Accuracy: reconciling the timing of the valuation and sale

Media appearances (17)

  1. central london resi offers a lone spark of excitement as tumbleweed rolls through a finance starved. (2012) estate gazette (magazine).
  2. Is residential property the Cinderella of the investment world. (2011) www.ifaonline.co.uk (website).
  3. A global perspective to the local real estate market. (2011) gulfnews.com (website).
  4. AEW Europe names new research director. (2011) www.propertyeu.info (website).
  5. Expanding horizons for property investors. (2011) www.sapropertynews.com (website).
  6. Tumbling prices to heap more misery on property investors. (2009) Daily Mail (newspaper).
  7. Empty sites for soaring profits. (2009) Evening Standard (newspaper).
  8. London slump in commercial property. (2008) www.thisisplymouth.co.uk (website).
  9. Silver lining for bleak commercial property market. (2008) Evening Standard (newspaper).
  10. (2008) www.thisisscunthorpe.co.uk (website).
  11. Silver Lining for Bleak Commercial Property Market. (2008) Evening Standard (newspaper).
  12. London slump in commercial property. (2008) www.thisiscourier.co.uk (website).
  13. London Slump In Commercial Property. (2008) www.thisiskent.co.uk (website).
  14. (2008) Trading TV.
  15. Inrev launches white paper on fund style revision. (2008) www.propertyeu.info (website).
  16. Share your stadium, says wharf research. (2006) The Wharf (newspaper).
  17. Are we living in a property bubble? (2006) Global Investor Magazine (magazine).